Bank of America Merrill Lynch and UBS Wealth Management Americas have hired four high-performing financial advisers, adding to a flurry of adviser movement at top firms after what had been a year of mostly anemic turnover.
REASONS FOR MOVES
The increased activity is being driven by high incentive packages, regulatory concerns, smaller retention packages and advisers' frustration with the bureaucracy at their firms, industry watchers say.
Merrill is adding advisers who previously managed more than $500 million in assets, while UBS is bringing in advisers who worked with nearly $350 million.
Diane Padalino joined Merrill's Denver office last month after overseeing $325 million in client assets for The Goldman Sachs Group Inc., Merrill spokeswoman Ana Sollitto said.
The firm also added two former Morgan Stanley Wealth Management advisers, John Molkentin and Denise Chin Quee, who manage $183 million in assets, to its Miami office.
UBS HIRES
Meanwhile, UBS hired E. Gray Smith, III, a veteran Morgan Stanley adviser with $345 million in assets, who is based in Winston-Salem, N.C., spokesman Gregg Rosenberg said.
Mr. Smith's team includes registered client service associates Toni Murphy and Laura Norgaard.
Morgan Stanley spokeswoman Christy Jockle confirmed the three advisers' departures but declined to comment further.
A Goldman spokeswoman confirmed Ms. Padalino's departure but declined to comment further.
OTHER RECENT SCORES
The moves cap other recent scores for the wirehouses, including Merrill's hiring of four advisers overseeing a combined $533 million in assets under management this month and Wells Fargo & Co.'s addition of five advisers overseeing $966 million for its Private Client Group.
